Common use of Required Audit Clause in Contracts

Required Audit. a. If Contractor expends $750,000 or more in federal grant funds in any fiscal year from any source, Contractor must provide to County, at Contractor's expense, an audit conforming to the requirements set forth in the most current version of Code of Federal Regulations, Title 2, Part 200, Subpart F. b. If Contractor expends less than $750,000 in federal grant funds in any fiscal year from any source, but the grant imposes specific audit requirements, Contractor must provide County with an audit conforming to those requirements. c. If Contractor expends less than $750,000 in federal grant funds in any fiscal year from any source, Contractor is exempt from federal audit requirements for that year except as required by Code of Federal Regulations, Title 2, Part 200, Subpart F. Contractor shall make its records available for, and an audit may be required by, appropriate officials of the federal awarding agency, the General Accounting Office , the pass-through entity and/or the County. If an audit is required, Contractor must provide County with the audit. d. With respect to the audits specified in sections (a), (b) and (c) above, Contractor is solely responsible for arranging for the conduct of the audit, and for its cost. County may withhold the estimated cost of the audit or 10 percent of the contract amount, whichever is greater, or the final payment, from Contractor until County receives the audit from Contractor.

Required Audit. a. If Contractor expends $750,000 or more in federal grant funds in any fiscal year from any source, Contractor must provide to County, at Contractor's expense, an audit conforming to the requirements set forth in the most current version of Code of Federal Regulations, Title 2, Part 200, Subpart F. F. b. If Contractor expends less than $750,000 in federal grant funds in any fiscal year from any source, but the grant imposes specific audit requirements, Contractor must provide County with an audit conforming to those requirements. . c. If Contractor expends less than $750,000 in federal grant funds in any fiscal year from any source, Contractor is exempt from federal audit requirements for that year except as required by Code of Federal Regulations, Title 2, Part 200, Subpart F. Contractor shall make its records available for, and an audit may be required by, appropriate officials of the federal awarding agency, the General Accounting Office Office, the pass-through entity and/or the County. If an audit is required, Contractor must provide County with the audit. . d. With respect to the audits specified in sections (a), (b) and (c) above, Contractor is solely responsible for arranging for the conduct of the audit, and for its cost. County may withhold the estimated cost of the audit or 10 percent of the contract amount, whichever is greater, or the final payment, from Contractor until County receives the audit from Contractor.

Required Audit. a. (A) If Contractor expends is funded by $750,000 500,000 or more in federal grant funds in any fiscal year ending after December 31, 2003 from any source, Contractor must shall provide to County, County at Contractor's expense, expense an audit conforming to the requirements set forth in the most current version of Code Office of Federal Regulations, Title 2, Part 200, Subpart F. b. Management and Budget Circular A-133. (B) If Contractor expends is funded by less than $750,000 500,000 in federal grant funds in any fiscal year ending after December 31, 2003 from any source, but the such grant imposes specific audit requirements, ; Contractor must shall provide to County with an audit conforming to those requirements. c. . (C) If Contractor expends is funded by less than $750,000 500,000 in federal grant funds in any fiscal year ending after December 31, 2003 from any source, Contractor is exempt from federal audit requirements for that year except as required by Code of Federal Regulationsyear, Title 2however, Part 200, Subpart F. Contractor shall make its Contractor's records must be available for, for and an audit may be required by, appropriate officials of the federal awarding agency, the General Accounting Office (GAO), the pass-through entity and/or the County. If an any such audit is required, Contractor must shall provide County with the such audit. d. . With respect to the audits specified in sections (aA), (bB) and (cC) above, Contractor is solely responsible for arranging for the conduct of the audit, and for its cost. County may withhold the estimated cost of the audit or 10 percent of the contract amount, whichever is greaterlarger, or the final payment, from Contractor until County receives the audit from Contractor.